2,121 plain-English guides on cross-border moves, US and Canadian returns, and small-business money. Each one ends in what to do next, and says when a written Diagnostic is the smarter first step.
Page 33 of 89, newest first.
Missed the March 15 S-corp election deadline? Revenue Procedure 2013-30 offers late-election relief if you file within 3 years and 75 days.
Small Business & BookkeepingMixed-use property rules: General rule: when property is used for both business and personal purposes, only the business-use portion of expenses.
Small Business & BookkeepingMany business owners operate through a single entity when splitting operations across multiple LLCs or corporations would provide better liability.
Small Business & BookkeepingMany small business owners operate through a single entity, but structuring the business across multiple entities (a holding company plus one.
Small Business & BookkeepingMulti-member LLCs default to partnership taxation. Each partner reports their distributive share of income and deductions on their personal return.
Small Business & BookkeepingA multi-member LLC is taxed as a partnership by default (Form 1065). Each member receives a K-1. Multi-member LLC (partnership) tax rules: Filing.
Small Business & BookkeepingA business can owe income tax, sales tax, or both in states where it has nexus (a sufficient connection). Multi-state nexus overview.
Small Business & BookkeepingApportionment fundamentals: The three traditional factors: 1. Sales factor. The ratio of sales to customers in the state divided by total sales everywhere.
Small Business & BookkeepingService businesses that work with clients in multiple states may have nexus (tax filing obligations) in those states. The rules vary by state, but common.
Tax PlanningThe 3.8% net investment income tax under IRC 1411 hits rental income, dividends, and capital gains above $200,000 single or $250,000 married.
Tax PlanningThe Net Investment Income Tax (IRC 1411) imposes a 3.8% surtax on investment income (capital gains, dividends, interest, rental income, royalties.
Tax PlanningThe net investment income tax (NIIT) under IRC 1411 imposes a 3.8% surtax on the lesser of net investment income or the amount by which modified adjusted.
Tax PlanningThe Net Investment Income Tax (NIIT) under IRC 1411 imposes a 3.8% surtax on the lesser of net investment income or the excess of modified AGI.
Tax PlanningA net operating loss occurs when business deductions exceed income. The loss carries forward indefinitely but is capped at 80% of taxable income per year.
Small Business & BookkeepingWhen a business has a loss, the net operating loss can be carried forward to offset future income. The NOL deduction is capped at 80% of taxable income.
Small Business & BookkeepingA net operating loss occurs when business deductions exceed income. Current NOL rules (tax years beginning after 2020): Carryforward: - NOLs carry forward.
Small Business & BookkeepingNet operating losses can be carried forward indefinitely but are limited to 80% of taxable income in any carryforward year.
Small Business & BookkeepingBusiness losses exceeding income create a net operating loss that carries forward indefinitely under current law. Covers key rules, filing requirements,.
Tax PlanningPost-TCJA NOL rules (tax years beginning after 12/31/2020): 1. Carryforward only: NOLs carry forward indefinitely. Carryforwa.
Tax PlanningTax-exempt status under IRC 501(c)(3) provides significant benefits including exemption from federal income tax. Types of tax-exempt organizations: | IRC.
Small Business & BookkeepingOnline sellers on platforms like Amazon FBA, Shopify, Etsy, and eBay face three categories of tax obligations. Covers economic nexus thresholds,.
Small Business & BookkeepingWhen a business partnership dissolves, the tax treatment of liquidating distributions to partners is governed by IRC 731, 732, 736, and 751.
Small Business & BookkeepingPartnership breakups trigger mid-year income allocation, hot asset rules under IRC 751, and potential gain recognition on liquidating distributions.
Small Business & BookkeepingWhen a partnership dissolves, a partner has gain only if cash received exceeds outside basis, but IRC 751 hot asset rules can turn gain into ordinary income.